US Cash Crude — Oil grades steady as industry data shows large decline in US crude stocks

HOUSTON, Oct 14 (Reuters) — Oil grades were little changed on Wednesday, dealers said, even as industry data showed a large decline in US crude stocks. Crude stocks fell by 11.1 million barrels in the week ended October 9, market sources said, citing data released Wednesday afternoon by the American Petroleum Institute. Gulf of Mexico output returned after platforms were shut-in and evacuated in response to Hurricane Isaias. US producers in the Gulf of Mexico shut in about 16.13% of the current daily oil production, according to the Marine Minerals Administration. Meanwhile, Iran is deploying new tactics to target ships sailing through the Strait of Hormuz as it seeks to keep oil prices high and influence the US midterm elections, two senior Iranian officials told Reuters. A container ship and a dry bulk carrier have both sunk near the Strait of Hormuz in the past 24 hours after being hit by projectiles in separate incidents, maritime officials said. The jump to record highs in the cost of shipping oil in supertankers is squeezing profit margins for Asian oil refiners, who are heavily dependent on Middle Eastern crude, the International Energy Agency said in a monthly report. Light